This profit-maximizing firm charges a price of about ______.
A. $11.70
B. $14.00
C. $15.20
D. $19.00
D. $19.00
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If all prices, including the price of beef, increase by 3%, then the relative price of beef has ________ and inflation ________.
A. remained constant; has not occurred B. remained constant; has occurred C. increased; has not occurred D. increased; has occurred
When price is greater than the market equilibrium price, a shortage is created
Indicate whether the statement is true or false
Nonexcludability causes:
A. firms to supply a lower quantity than they would if they incurred the full costs of the provision of the good. B. people to demand a higher quantity than they would if they had to pay for what they consumed. C. people to demand a lower quantity than they would if they paid for what they consumed. D. firms to supply a higher quantity than they would if they had to pay for what they supplied.
Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. Suppose that Jay initially proposed $6 million while David proposed $10 million. Given the distribution of voters' preferences, David can increase his chance of being elected by proposing:
A. a greater budget than $10 million. B. a smaller budget than $6 million. C. a smaller budget toward the median budget. D. None of these